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Illicit funds stemming from the $35m hack of Atomic Wallet have been detected being laundered through crypto mixer Sinbad.io. Elliptic, which traced the funds, said the service was previously used to launder $100m in cryptocurrencies stolen by North Korea’s Lazarus Group, which is notorious for targeting banks, among others. Elliptic added that Sinbad.io looks likely to be a rebrand of Blender.io, the first mixer to be sanctioned by the US Treasury Department. Atomic Wallet’s chief marketing officer, Roland Säde, said the team is “doing everything they can to get those funds back”.
This article originally appeared on cointelegraph.com
In a recent incident, a hacker compromised the Atomic Wallet and transferred stolen crypto funds to a mixer used by Lazarus Group, a North Korean state-sponsored hacking group. According to the blockchain analysis firm Elliptic, the hacker had gained access to the Atomic Wallet through a vulnerability in the Wultra security system.
The Atomic Wallet is a popular crypto storage and trading platform that offers users a variety of features such as multi-currency support, decentralized trading, and atomic swaps. It is widely used by cryptocurrency traders and investors around the world.
The incident highlights the importance of security measures for crypto wallets and the need for constant monitoring to prevent unauthorized access. In this case, the hacker was able to bypass the security measures of the Wultra system and gain control of the Atomic Wallet.
Once in control, the hacker transferred the crypto funds to a mixer service used by the Lazarus Group. A mixer is a tool used by hackers and cybercriminals that helps to obfuscate the trail of stolen funds by mixing them with other transactions. This makes it harder for authorities to track the origins and movement of the stolen cryptocurrency.
The Lazarus Group is a well-known North Korean hacking group that has been linked to several high-profile cyberattacks, including the WannaCry attack in 2017. The group is believed to be responsible for stealing millions of dollars in cryptocurrency through various hacking campaigns.
Elliptic, the blockchain analysis firm that uncovered the incident, has been working with law enforcement agencies to track the movement of the stolen funds and identify the individuals involved. Their expertise in tracing and monitoring cryptocurrency transactions is invaluable in combating cybercrime and preventing further attacks.
In conclusion, the Atomic Wallet hack serves as a reminder to all cryptocurrency users to remain vigilant and prioritize security measures when storing or trading their digital assets. As the value of cryptocurrencies continues to rise, it is increasingly important to take steps to protect oneself against the threat of cyberattacks. Blockchain analysis firms like Elliptic play a critical role in enabling law enforcement agencies to identify and apprehend cybercriminals and protect the integrity of the cryptocurrency ecosystem.
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